
February 2, 2018 · 0 Comments
By Mike Pickford
The Town of Orangeville has agreed to sell the building that housed the municipality’s downtown Business Improve Area (BIA) for $88,000 below the listed price.
During Monday night’s (Jan. 29) regular Council meeting, members took little time in approving the sale of 172 Broadway for $612,000 – an $88,000 drop from the original $700,000 listing price. The transaction will close on March 15. After commissions and legal fees have been paid out, the Town can expect to see approximately $580,000 from the sale. They have agreed to use the proceeds from the sale along with an additional $45,000 to be taken from reserves to pay off an outstanding loan on the property.
The three-storey building was purchased with an adjoining parking lot in 2013 for $750,000. The listed buyer is ‘Andrew Adams in Trust’.
Alison Scheel, general manager of the BIA, told the Citizen Wednesday that the agency had no need for the building, is actively looking for a small office and storage space, and might lease some space at 172 Broadway from the new owner.
The parking lot was not included in the sale.